Monday, July 07, 2008

Pay-by-mobile approaches Europe


The Register reports: [edited]

Using your mobile phone to pay for a sandwich at lunchtime could soon become a reality. The global trade body for the mobile industry and a European monetary organisation have signed a pact to speed up the deployment of handset payment services in Europe.

The GSM Association (GSMA) and the European Payments Council (EPC), which represents 8000 banks in the EU, will now jointly co-ordinate efforts to get phones paying for just about everything, from impulse purchases in shops to restaurant meals.

In Japan, mobile-phone based payments are already thriving. So much so that Japanese carrier KDDI and the Bank of Tokyo recently jointly created a bank specifically designed to create accounts for anyone using cashless-enabled mobile phones.
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